Cryptocurrency prices mostly declined during Wednesday's trading, as markets assessed U.S. President Donald Trump's efforts in the digital assets space.
Bitcoin fell by 0.9% to $105,344.17 as of 9:18 a.m. Mecca time, and it accounts for about 63.1% of the total cryptocurrency market value.
While Ethereum, the second-largest cryptocurrency by market capitalization, remained steady at $2,625, Ripple dropped about 0.85% to trade at $2.2344.
The global cryptocurrency market capitalization stands at $3.32 trillion, with total trading volume over the past 24 hours reaching $105.74 billion, according to CoinMarketCap data.
The electronic arm of the New York Stock Exchange, which manages exchange-traded funds (ETFs), submitted an application Tuesday to the U.S. Securities and Exchange Commission (SEC) to list a Bitcoin fund linked to Trump Media, according to CNBC.
Analytics firm Kaiko revealed that the dollar-backed "USD1" token, launched by World Liberty Financial—a company affiliated with the Trump family—is experiencing weak demand and organic trading. Moreover, more than half of its liquidity comes from just three wallets believed to be linked to the token’s issuers, raising questions about the actual demand
